India’s vast coastline and inland resources harbour a thriving fisheries sector, employing millions and contributing significantly to the nation’s food security and economy. However, challenges like informality, limited access to finance, and suboptimal value chains impede its full potential. Recognizing this, the Indian government has launched the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a transformative initiative poised to empower fishers, micro and small enterprises (MSEs), and reshape the sector’s landscape.
This ambitious four-year program, backed by an investment exceeding ₹6,000 crore, unveils a multi-pronged strategy to address key bottlenecks. At its core lies the National Fisheries Digital Platform (NFDP), a game-changer that will register fishers, farmers, and other stakeholders, equipping them with crucial work-based digital identities. This not only fosters transparency and traceability but also unlocks access to government schemes and financial services.
Speaking of finance, PM-MKSSY recognizes the critical role of capital in propelling growth. It facilitates easier access to institutional credit for fisheries MSEs, enabling them to invest in modern infrastructure, adopt innovative technologies, and expand their operations. Further, the program acknowledges the inherent risks associated with aquaculture, offering a one-time incentive for purchasing insurance, thereby providing much-needed security and peace of mind to fish farmers.
But PM-MKSSY doesn’t stop there. It actively encourages improvements in the entire value chain by offering performance grants to MSEs. These grants incentivize investments that enhance efficiency, reduce wastage, and ultimately translate into higher incomes for fishers and entrepreneurs alike. Additionally, the program prioritizes safety and quality, crucial for expanding the domestic market and attracting new consumers. By providing incentives for adopting quality assurance systems, PM-MKSSY ensures that Indian fish products meet the highest standards, boosting consumer confidence and trust.
The impact of PM-MKSSY extends beyond economic benefits. It is estimated to generate 1.7 lakh new jobs, with a special focus on employing 75,000 women. This not only empowers women financially but also fosters gender inclusivity within the fisheries sector. The program’s holistic approach fosters sustainable practices through insurance coverage and promotes environmentally friendly technologies, ensuring the long-term health and viability of India’s aquatic resources.
